Don't worry too much about it, as Alley Kat says they make a good revy engine. If you had had a 302 you would have had to think what best to do with it a good one with good standard bores and the right numbers and 4 bolt mains would be worth quit big cash, someone restoring a formula 5000 or a 80's can-am revival would pay big cash for one
Right a 305 is a good base engine, to start with, 350 main bearing sizes so a wide choice of cheep cranks if you need one, wide choice of all bits infact. Heads wise you want to stick with 1.9" inlets as the 2.02 valve heads tend to shroud the valves too much.
The offer is open on the bits if you want, the block can be converted to 4 bolt mains with a set of caps (I can post a set to you if you want them) and you get whoever is machining your block to drill the extra holes for you and line bore the mains for you. It is worth doing if you are having the maines line bored but probably not worth it if your budget it too tight for a full machine job.
I would consider carfully if you have the cash for a set of ally heads, Air Flow Research 180 cc inlet tract heads have flow charictoristics that would make one of these sing (there was a build up of a 305 with these heads in engine masters mag last year, made lots of power) and they save alot of weight on the engine.
The Vortec's are also still on offer for the postage, however they need a rebuild (as any heads will) the bits for the rebuild arn't expensive, you can get an overhaul set of valves, spring and retainers for these heads are about £150 imported to your door.
http://cgi.ebay.com/ebaymotors/SMALL-BO ... enameZWDVW
Plus you need new guide inserts and the spring seats machined and the valve seats with a 3 angle job done, this shouldn't be more than £200. On carcraft.com is a description of how to flow them to give about 10% extra flow.
I would sugest you get "how to rebuild your small block chevy" by David Vizard ISBN 978-1-55788-029-1 it is a very good guide on what to do, and has alot of info on the chevy.
Good luck and keep posting
best of luck
Mike